Financial Solutions

You can apply online by clicking below. If you would prefer to fill out a hardcopy, you can request one and we will send it to you. If you would like to fill one out over the phone, click below and schedule a time for us to contact you. To process your application, we will need two forms of ID, verification of your income sources, and a quote for the item you are purchasing with your loan.

Apply Now  Paper Application

After receiving your application, an Able Up Iowa staff member will contact you to ensure that all appropriate documents have been submitted.  If you are applying for a loan for something where there might be free resources available from another source, we will direct you to them before borrowing money from us. Due to high demand for assistance, we are currently experiencing a backlog of applications. We will get to your file as quickly as possible.  During the review process, we will contact you to verify that our information is correct and to go over the loan terms. Then your file will be sent to our external loan committee who make all the lending decisions. Throughout the entire process, all loan information you provide is kept strictly confidential.

Although Able Up Iowa does not provide emergency funds, we are dedicated to providing you with high quality service in the most efficient way possible. We ask for your patience while we process your loan request. The time needed to process a loan request is significantly expedited when an applicant submits all required information upfront and responds in a timely manner to communication attempts.  Due to an overwhelming need for assistance, we are experiencing a backlog of requests that can take several weeks or more. Once your request has been fully processed by our staff, our loan committee will reach a decision within 3 business days.

After a loan has been approved, the next step is for the loan recipient to sign loan documents with a notary public present. These documents cover the terms of the loan. We must review hardcopies of these documents before we can release the funds. Once we have received signed and notarized loan documents from the loan recipient, we disburse the loan funds within 2 business days. The funds for the loan are sent directly to the third-party vendor who is selling the item or is completing the work for the loan recipient.

If you are not approved for a loan, we encourage you to take advantage of our Financial Empowerment Program. This program will empower you to gain the knowledge and habits needed for long-term financial success. You may also have the opportunity to learn about other funding sources available to you. Participating in the Empowerment Program could increase your chances of receiving an approved loan in the future.

FINANCIAL EMPOWERMENT

No.

The funding for forgivable loans is restricted to the type of loan you're getting.  The funding can be used toward assistive technology (AT), home or vehicle modifications.  There is no separate application for forgivable funds, you must apply for a loan with us.  If the loan committee determines that the modification or AT is an essential item and that there is no other financial capacity or resource to pay for it, they will recommend that the loan be referred to our forgivable loan committee for a determination.  

No.  The forgivable loan is still a loan with loan documents, collateral, payment plan and all the other conditions of a normal loan.  However, with a forgivable loan, there is a fund set up to make payments on your behalf as long as you meet the program conditions.  You must participate in our empowerment program.  If your loan is partially forgivable (i.e. the forgivable fund is making some of the payments and you're making some of the payments), you must stay current on your payments.  If you do not meet the conditions at any point in the loan term, your loan will revert to a non-forgivable loan and you will be obligated to pay the balance in full.

Interest rates are subject to change as the market changes, but once a rate has been assigned to your loan, it will remain fixed.  As of March 1, 2024, we have 3 rates, which we will likely keep through 2024: 

1. The rate for our "Small Dollar Loans," which includes all loans of $2,500 or less (except for credit builder loans), is set at 10%. 

2. The rate for our higher dollar loans is 7%.  Please remember those are only for Assistive Tech, Home Modification and Vehicle Modification.  Funding is less regular and amounts vary, so availability varies as well.  There may be a waitlist for those loans.

3. All Credit Builder loans are set at 14.25%.

Credit builder loans are set for one year.  All other loans are 1 to 5 years.  You will discuss those terms with your loan officer before the loan is submitted to our committee for review to ensure that your monthly payment will be within your budget.  Once that is decided, the length of the loan will be reflected in your loan documents.  

Our loans are restricted to residents of the state of Iowa.  For all loans, other than the credit builder loan, you need to meet one of the following:  1) have a disability or diagnosis that impacts you on an ongoing basis; 2) be 55 years or older; or 3) be a caregiver for someone with a disability.